Short Sale Home » Short Sale Buyers » Offering On a Short Sale

You’ve offered on a short sale property and spent a lot of time researching on how much to offer on the short sale. The bid was placed and it was finally accepted by the bank or lender. But now, interest rates have increased and you’re thinking of countering an offer with a lower offer. Could you do so, and would it jeopardize the closing of the short sale?

Since the bank has already agreed to the payoff of a certain amount, typically renegotiating the deal at this point could make it fall apart. Since stretching out the deal will make them lose more money over time, you are now asking the bank to lose even more money.

You can probably count on the 2nd negotiation taking just as long as the first time around, which could mean a couple of months. Although, it may be hard to lower an offer at this point once its been accepted, so read through all the agreements you’ve signed.

If you like the home, shop around for other lenders who could give you better financing rather than losing the home you want due to the monthly payments. Try finding a bank that can give you a lower rate or no closing cost fees.

Tags: closing cost fees, interest rates, real estate, Short Sale Offer